Addax buys Shell's stake in Pecten

Updated: 2011-11-04 11:00

(Xinhua)

BEIJING-- Royal Dutch Shell PLC has sold its 80-percent stake in Pecten Cameroon Co to the Chinese-owned Addax Petroleum Corp, the Sinopec International Petroleum Exploration and Production Corp(SIPC) said Thursday.

The deal was completed on Oct 31, the SIPC said.

Addax Petroleum, a wholly-owned subsidiary of the SIPC, paid $538 million for Shell's 80-percent stake, according to an agreement signed by the companies in May.

The SIPC is a wholly-owned subsidiary of the Sinopec Group. The deal marks the first time for the Sinopec Group to gain access to Cameroon's oil and gas reserves, the SIPC said.